Feature: Editor’s Insight to Thrive in 2025


The Year Ending the First Quarter of the 21st Century Will Probably Use, Yet Again, the Title of Sergio Leone’s 1966 Film to Describe the Year Ahead


T


he Good, The Bad and The Ugly is a year-on-year description of our retail


sector. Faced with factors we can change and those we can’t. With forward, flexible planning and facing reality head-on, it’s amazing how resilient the independent electrical retailers achieve and fulfill their business plans, especially with the support of their valued suppliers. Yes, the retail sector is going through a


prolonged period of upheaval – in fact, the Centre for Retail Research have described the industry as undergoing a “permacrisis” since the 2008 financial crash. But let’s not get too despondent. Factors such as the changing consumer


behaviour, increased internet shopping and challenging economic conditions are changing the way all retailers operate and engage with their customers. More the reason why AI should form a major part in every independent retailer’s business. We all know, the coronavirus pandemic and


increased cost of living have added to these challenges and accelerated trends such as increased online shopping and closures of many retail premises, luckily not in the electrical retail sector.


This synopsis from the Centre of Retail


Research describes the current state of the whole retail sector in the UK using data and recent reports on the industry and does not provide information on government policy in our sector.


Key figures show - economic output was £110.4 billion in 2023, 4.7% of the UK’s total economic output and a 2.2% increase on 2022. In 2023, retail sales in the UK were worth £510 billion, an increase of 3% on 2022. Interestingly, for every pound spent in 2023:


- 40 pence was spent in food shops – a 9% rise on 2022.


- 11 pence was spent in clothing shops (including textiles and footwear) – an increase of 7% on 2022, though decreased in 2023.


- 9 pence was spent on automotive fuel – a fall of 12% on 2022.


- 7 pence was spent in household goods shops (including electronics and furniture stores) – a fall of 1% on 2022.


When reviewing such data, bearing in mind


mortgages/rents, rates, electric, gas, holidays and other expenditures have to share the remainder 33 pence, our industry’s share of 7 pence in the purchasing pound is not that bad. So having mentioned the somewhat bad and ugly aspects, let’s look at the good for 2025.


Manufacturers of Brown and White goods plus KBB companies, have already committed the majority, if not all their 2025 new products and beneficial trading conditions for launching at a variety of events throughout the year.


The first event - CES in Las Vegas – Where exhibitors gamble on how successful products will be at the world’s most powerful tech event. CES [Consumer Electronics Show] is the most powerful tech event in the world – the proving ground for breakthrough technologies and global innovators. This is where the world’s biggest brands do business and meet new partners, and the sharpest innovators hit the stage. CES 2025 takes place January 7-10, throughout Las Vegas, in the Convention Centre as well as private product launches and media conferences in various hotels. Organised by the Consumer Technology


Association (CTA)® as per every year, an exclusive media event takes place pre-opening on Sunday, January 5 and Monday January 6, at Mandalay Bay in Las Vegas. Media Days are a launchpad for major tech announcements, granting registered CES media access to pivotal press conferences and CES Unveiled Las Vegas. During the event days, the IER team will have


access to all available material and be able to share news on IER Daily with exclusive previews of the Show some of which will be announced by many, including Bosch, Hisense, LG Electronics, Samsung, Sony, TCL, Panasonic, etc.


So, what should we expect for 2025? Simplifying the World of AI will be dominantly an inclusion for most future products, Brown and White. This was a dominant trend at CES 2024 and IFA 2024, and as such during this year, smart products were launched accordingly.


34 | www.ierdaily.co.uk PEOPLE MAKE THE DIFFERENCE Winter 2024


The Good, The Bad and The Ugly


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